XRP Slides Below $1 Amid Whales' Buying Spree
XRP's price has fallen below $1 for the first time since late 2024, marking a significant decline in value.
This comes as large XRP wallets continue to accumulate the token, even as prices fall. According to Santiment, the number of million-XRP wallets grew by 32 over three months, despite market value falling by double digits.
The on-chain data suggests a mixed picture, with whales buying up the token while spot ETF inflows have stalled and Binance traders turn to selling. Exchange data from CryptoOnchain shows that Binance deposit addresses fell by about 96% relative to monthly and quarterly norms.
Santiment notes that network use rose as the price fell, with active addresses averaging about 35,700 a day in August, up from 26,400 in July. However, new address creation held flat near 2,260 per day in August, compared with 2,270 in July.
The divergence between on-chain conviction and price is evident, with derivatives flows tilting toward sellers and cumulative volume delta sitting near -4.15 million despite a strong correlation with price.